Will deliver flats within 12 months: Parsvnath to SC

New Delhi, August 26

Parsvnath Developers Limited today told the Supreme Court that they were in a serious “financial difficulty” as they have suffered loss of around Rs 400 crore last year but they would hand over possession of flats to buyers within a year in its delayed project at Ghaziabad near here.

The firm, which was asked by the apex consumer commission in May this year to refund money to 70 buyers who had booked flats in Parsvnath Exotica project, told a Bench of Justices Dipak Misra and C Nagappan that they would make sure the flats are delivered to the customers.

“The company is in a serious financial difficulty. We have suffered a loss of Rs 400 crore last year. We will make sure that possession of flats are delivered to the consumers,” the counsel appearing for the real estate firm, said.

The counsel said the order, like the one passed by the commission, would “amount to a mad rush and everybody will come to get the money back.” Meanwhile, the counsel appearing for the buyers told the apex court that the Ghaziabad Development Authority (GDA) has cancelled the approval given to the firm for this project.

The Bench has posted the matter for hearing on September 15. pti